life insurance plans: Scripbox partners with Max Life, Aegon Life, HDFC Life to offer term life insurance plans

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Digital wealth management service provider Scripbox will now offer term life insurance products to its customers. For this, the company has partnered with Max Life Insurance, Aegon Life and, according to a statement.

Scripbox will provide solutions to the client’s needs. This will also be complemented by assistance with the issuance and complaints process.

Life insurance is one of the fundamental pillars of sound financial planning. Although life insurance has been available in India for decades, the level of protection is quite low.

According to a 2019 study by Swiss Re, India has a high protection gap against mortality of 83%. Of the 17% mortality coverage, life insurance contributes a meager 1.2%. In addition, the perception of the protection gap is lower than the actual gap. This means that most Indians are grossly underinsured when you consider rising cost of living, lifestyle needs, assets / liabilities, etc. According to industry estimates, only 55 lakh of people in India have term life insurance.

From now on, term life insurance will be part of the basic offerings of Scripbox. The company has organized a package of term life insurance products with consideration of often overlooked factors such as value-based claims settlement ratio.

“Adding life insurance products to our suite of services allows us to better meet the holistic wealth management needs of our clients,” said Prateek Mehta, co-founder and CBO of Scripbox.

He added, “The expansion of term life insurance will also help to serve the broader objective of increasing insurance penetration in India. ”


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